Bank of India slashes home loan rates by 25 bps for new and existing customers, ET BFSI

Mumbai based public sector lender Bank of India on Monday announced a 25 basis point reduction in its home loan interest rates, bringing the rate down from 8.10 per cent to 7.90 per cent per annum, effective April 15, 2025. The revised rates apply to both new and existing customers and are linked to the borrower’s CIBIL score.

The rate cut is part of the public sector lender’s effort to make home ownership more affordable and support customers in achieving their financial goals.

Alongside home loans, the bank has also reduced interest rates by 25 basis points across select retail loan products. These include vehicle loans, personal loans, loans against property, education loans, and its Star Reverse Mortgage Loan scheme.

“With this move, Bank of India reaffirms its commitment to offer competitive and customer-friendly lending solutions, while proactively passing on the benefits of favourable market conditions,” the bank said in a statement.

This move has come after Reserve Bank of India’s second rate cut in 2025, bringing the repo rate to 6 per cent.

• Published On Apr 14, 2025 at 12:10 PM IST

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